Trader Who Nailed Bitcoin Crash Says Top Crypto Forming Pattern That Preceded Massive Move in 2019

Seasoned dealer Peter Brandt is maintaining a detailed eye on Bitcoin (BTC) because the main crypto by market cap threatens to print recent 2022 highs.

The veteran dealer, who is understood for accurately calling Bitcoin’s 2018 collapse, tells his 629,400 Twitter followers that Bitcoin’s latest price motion is paying homage to its market construction in April 2019 when BTC bottomed out at $3,500 earlier than igniting the primary leg of its bull cycle.

“The BTC pattern is called an ascending triangle [bottom]. Read about Asc Tris in Schabacker, Study III, pgs 93. Also, compare the present pattern to a similar structure in 2019 [top image]. Bitcoin.”

Source: Peter Brandt/Twitter
Source: Peter Brandt/Twitter

Looking at Brandt’s charts, the breakout from the ascending triangle sample means that Bitcoin has carved out a backside and is poised to start out the following leg of its bull market.

However, Brandt emphasizes that even a technical breakout doesn’t assure that Bitcoin will comply with its 2019 rally.

“Charts do NOT predict the future. Charts do NOT even offer probabilities. Charts suggest possibilities and are useful in managing the risks in a trading program. Chart patterns can work, fail or morph. If laser eyes reappear and BTC stalls, then look out.”

Pseudonymous crypto analyst Dave the Wave posted a reply on Brandt’s thread exhibiting Bitcoin is forming a bigger ascending triangle on the weekly timeframe, suggesting that BTC might rally all the best way as much as its all-time excessive of $69,000.

According to Brandt, Bitcoin’s price motion might comply with Dave the Wave’s chart.

“I think the way you have your chart highlighted could be a real possibility.” 

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Featured Image: Shutterstock/Larich

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